During a speech at the US Embassy in Dublin's annual economic conference yesterday, Taoiseach Enda Kenny discussed the proposed Transatlantic Trade and Investment Partnership (TTIP), and made it clear that Ireland would offer unwavering support to the initiative, in a comment directed at Barack Obama he said:
"Insofar as assuring the [US] President of Ireland's contribution to this, we have made it perfectly clear that we will work with our European colleagues and American connections to get this across the line."
While the Irish Government is pushing TTIP through, a series of organisations across Europe have been mounting a considerable protest movement against a possible trade deal - their main argument is that it serves the interests of big business, not European citizens, and that it raises a number of ethical and regulatory concerns.
What is TTIP?
TTIP is a proposed free trade agreement between the EU and the US that will make it easier for these massive economies to trade with each other. If it is passed it will be the world's largest free trade zone.
The US and the EU bloc has some 820 million consumers, and 60 percent of the global GDP.
The creation of this free trade zone will mean the removal/harmonisation of regulations, so that standards in different industries are the same in both regions.
It's believed that this will permanently increase both EU and US GDP by 0.5 percent.
What are people annoyed about?
The protest movement against TTIP focuses on a number of points - the primary issue being that it will give more power to corporate interests at the expense of job security and the environment, while also compromising Europe's health and safety standards.
Food - 'Regulation convergence' between the two zones could reduce the standard of European food by bringing the EU's regulations closer to those in the US.
Across the Atlantic rules are looser in a number of areas - particularly regarding GM food, the use of certain pesticides, and growth hormones for beef. Think American 'cheese' and you get the idea.
Environment - The deal is likely to lead to cheaper energy that could mean up to 11m extra tonnes of carbon emissions being released into the atmosphere - the principal issue here is that it will be easier for shale oil producers in the US to export into the EU.
Jobs- The EU admits that the economic shake-up caused by the implementation of a deal would cause changes in the job market - and that it is likely to mean less jobs in Europe as they are undercut by producers in the US where there are less labour regulations, and unions hold less sway.
Democracy etc. - The idea that TTIP undermines democracy, and works in the interest of big businesses and not countries is summed up in the ISDS - or 'investor-state dispute settlement' mechanism.
This allows businesses to take legal action against governments that act in ways which compromise the trade agreement and lead to smaller profits for businesses. ISDS can mean that business interests and a broad-ranching centrally controlled European decision could have more of a say in major policies than individual countries.
Those who are against TTIP argue that companies could sue a state if a new rule like an increased minimum wage was introduced because it hurts profits.
Guardian points to the example of a ISDS provision in a free trade agreement between Australia and Hong Kong allowing the tobacco company Philip Morris to sue the Australian government after it introduced plain packaging laws.
This is just one example - but it gives you an idea of the kind of legal action that ISDS facilitates.
Why is Ireland such a fan?
Ireland is a small open economy that is highly dependent on international trade - and whatever about the broader implications, all evidence suggests that the Irish economy will grow if TTIP goes through.
Even in the post-Tiger boom/bust period the Irish Government is a keen advocate of this major programme of trade liberalisation, which will also mean deregulation - even in areas like banking and finance.
Research commissioned by the Irish Government and concerned with the economic impact of TTIP found that it would create 10,000 new jobs in Ireland and cause a permanent 1.1 percent expansion of the country's domestic economy.
The study was compiled by Copenhagen Economics, it found that a number of sectors of the economy would be boosted by an agreement, while other areas like Ireland's lucrative beef industry would shrink by between 2 and 3 percent.
Mr Kenny said yesterday that he is keen to see the deal done before the end of 2015.
Fianna Fáil also supports TTIP - while Sinn Fein has raised serious concerns about the negotiating process and ISDS rules.
